Lump Sum Withdrawals May Undermine Long-term Retirement Security
KUALA LUMPUR, June 18 (Bernama) -- The practice of lump sum retirement withdrawals may jeopardise long-term financial security and increase the risk of retirees outliving their savings, said Employees Provident Fund (EPF) chief executive officer Ahmad Zulqarnain Onn.
He said that only a small proportion of EPF members currently meet the basic savings threshold, while over 58 per cent of working-age Malaysians are not contributing to any formal retirement scheme.
'If Malaysia is serious about preparing for a 100-year life, we must fundamentally rethink how we work, save, engage and care, across all stages of life,' he said.
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